I did a preapproval a couple of weeks ago for clients that wanted to purchase their first home. I went through the numbers and zeroed in on a price range based on the monthly payment they felt they could afford each month.
Last week they found a home that met their needs and again we went over the numbers now that we knew what the yearly property taxes were. Based on know the numbers they began the negotiation process.
On Monday I got a call from them indicating they decided not to purchase a home at this point. The reason was that they had been notified by their health insurance carrier that their coverage would no longer be available. For their family of 5 they were paying $427 per month and had to find new coverage. They went to work investigating new coverage and the best they could find was a policy that would cost them $400 per month more than they were paying.
Find out what's happening in Manchesterfor free with the latest updates from Patch.
So much for, “If you already have insurance and like what you have, you can keep what you have”. Unfortunately we will keep seeing more and more of these kinds of situation.
So I ask the question, what if your monthly health insurance was included in the new debt ratios that will go into effect in January, how many fewer folks will qualify for mortgages.
